For decades, Philippine entrepreneurs and family-owned businesses have embraced steady, cautious growth, often prioritizing capital reinvestment and internal leadership. But in today’s fast-paced, competitive landscape, opportunities demand bolder strategies.
A new generation of founders and next-gen leaders are now building for scale, valuing transparency, and eyeing the public market as a pathway to sustained growth. Yet, the journey to an Initial Public Offering (IPO) is complex, requiring not just ambition, but resilience, robust governance, and readiness for intense scrutiny.
FMIC President Anthony R. Ocampo welcomes guests to “Your Journey to Higher Value,” an IPO forum organized for select Metrobank clients.
These critical themes recently took center stage at a forum hosted by Metrobank and its investment banking arm, First Metro Investment Corp. (FMIC). Titled “Your Journey to Higher Value,” the exclusive event gathered select clients, offering invaluable insights into navigating the IPO process and leveraging the significant opportunities it presents.
“The decision to take your company public is a transformative undertaking, one that needs meticulous planning, seamless execution and a dedicated advisor with a support team,” emphasized FMIC President Anthony R. Ocampo.
Metrobank and FMIC stand as that trusted team. Leveraging Metrobank’s extensive 60-year banking experience alongside FMIC’s deep capital markets expertise, they significantly strengthen a company’s credibility throughout the listing process.
FMIC, consistently recognized as one of the country’s top and multi-awarded investment banks, harnesses its strong local and international investor relationships to ensure companies achieve broad market exposure and robust investor demand during their IPO.
Whether partnering with burgeoning startups, expanding family enterprises, or established businesses seeking capital diversification, Metrobank and FMIC craft tailored strategies designed to maximize valuation and market positioning.
Why go public? Beyond capital
Metrobank and FMIC’s IPO Forum: “Your Journey to Higher Value” gave companies critical market insights and expert guidance on how an IPO can provide long-term success for organizations.
Atty. Roel A. Refran, Executive Vice President and COO of the Philippine Stock Exchange, Inc., delivered a keynote highlighting that an IPO offers far more than just capital. It profoundly benefits employees and, strategically, bolsters a business’s long-term sustainability. “You can align your employees with your interest through stock ownership or purchase plans, but ultimately, going public allows your company to evolve and undergo a transformation in a lot of ways from a private to a publicly listed company with public investors who are now equity owners of the listed company,” he explained.
FMIC SVP and Head of Products and Markets Abby Buenviaje underscored this transformative aspect. “Do we stay a private company or do we take the leap forward and go public?’ An IPO is not just a financial event, it’s about a transformation. It’s about unlocking value, accelerating growth, and cementing your legacy.”
The Wilcon success story
Wilcon CEO Lorraine Belo-Cincochan shared the company’s motivation for going public, emphasizing Wilcon’s commitment to grow while remaining sustainable and preserving the legacy built by her father.
A prime example of this transformative journey is Wilcon Depot Inc. (PSE: WLCON). Founded in 1977 by William Belo as a humble hardware store, Wilcon made its public debut in 2017 with a ₱7.04 billion IPO, attracting significant interest from both institutional (foreign and local) and retail investors. At the time of its listing, Wilcon operated 36 stores. Today, the company boasts 103 stores nationwide, nearly tripling its size since going public.
Wilcon CEO Lorraine Belo-Cincochan shared the company’s motivation, emphasizing their commitment to sustainable growth and preserving the profound legacy built by her father. She expressed immense pride in their achievements and a deep sense of responsibility to their employees, partner-suppliers, and customers.
Going public, she noted, instilled heightened discipline and accountability across Wilcon’s operations, elevating performance standards even amidst rapid expansion. As she succinctly put it: “When you list, you execute and deliver — it’s about telling people what you will do, and then actually doing it.”
According to Ms. Buenviaje, Wilcon’s IPO stands as a standout example of how capital markets can truly catalyze transformation. “Wilcon’s IPO was about more than raising funds – it was about unlocking long term value. We worked closely with the company to streamline its structure and focus investor attention on its high-growth retail segment. Our team coordinated every step– from business restructuring and regulatory approvals — to investor roadshows and pricing strategy. What made the difference was how clearly Wilcon’s leadership communicated their vision. Investors saw a growth story they could participate in.”
IPO as a strategic tool for legacy
Atty. Gabriel A. Dee, Managing Partner at Picazo Law, added another compelling dimension: how an IPO can strategically support estate planning by securing a founder’s legacy and facilitating efficient asset distribution.
“Estate planning helps avoid strife among heirs,” Dee advised, referencing the familiar “three-generation curse.” He highlighted that listing honors previous generations’ legacies, even guiding how to best manage proceeds. “You’re not in the business of maintaining stock price; you’re in the business of running the company. The market will reward you.”
Guiding companies to higher value
Taking a company public is a monumental and intricate undertaking.
With Metrobank and FMIC as steadfast partners, businesses gain unparalleled market insights, access to a robust investor network, and expert guidance at every turn. More than just a growth strategy, going public, supported by this formidable duo, helps ensure a lasting legacy for Philippine businesses in a dynamic economic landscape.
FMIC’s excellence in investment banking continues to earn international recognition.
The Hong Kong-based financial publication FinanceAsia recently lauded FMIC for its prowess, awarding it as the Philippines’ top investment house in the “Best Debt Capital Markets” category for the second consecutive year in 2025. It was also named the “Best Investment Bank” from 2023 to 2024 and earned the “Best Equity Capital Markets House” title in 2023.
